# What is the interest of 1 lakh loan in SBI?

SBI Personal Loan Interest Rate
10.60% p.a. to 13.10% p.a. 11.50% p.a. to 13.85% p.a. 9.60% p.a. - 12.60% p.a. 15.65% p.a.

## Can I get a loan of 1 lakh from SBI?

SBI gives a minimum loan of ₹ 50,000 and a maximum loan amount of ₹ 15 Lakh.

## Which type of loan has lowest interest rate in SBI?

Today, the lowest interest rate on SBI Personal Loan is 9.60% and ranges up to 12.80%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate. Also, SBI personal loan interest rates for salary account holders are comparatively lower than that for other customers.

## What is the EMI of 100000?

1 lakh at a rate of interest of 14% p.a. and for tenor of 2 years, your EMI will be calculated as under: EMI = 100000* 0.01167 * (1+ 0.01167)^60 / [(1+ 0.01167)^60 ] -1 which is Rs. 2,327.

## How is EMI interest calculated?

The mathematical formula to calculate EMI is: EMI = P × r × (1 + r)n/((1 + r)n - 1) where P= Loan amount, r= interest rate, n=tenure in number of months.

## How does SBI calculate EMI?

An SBI home loan monthly EMI calculator works on the following formula – EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)]. P is your principal or the loan amount. R is your rate of interest calculated per month.

## How to get instant personal loan of 1 Lakh?

Credit score - Most banks and NBFCs require you to have a CIBIL score of 750 or above to be eligible for an instant personal loan of 1 lakh. You can check cibil score by pan card on MyMoneyMantra.

## How much loan can I get if my salary is 15000?

A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.

## How much loan can I get on 35000 salary?

Here taking a salary as ₹ 35k, & without any fixed monthly obligation, you can pay a maximum of ₹ 17,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 20,46,586 using a home loan eligibility calculator (assuming 3 household members).

## How much loan I can get if my salary is 25000?

How much personal loan can I get on a ₹25000 salary? According to the Multiplier method, on a salary of ₹25000, you can get a loan of ₹6.75 lakhs for 5 years. Going by the Fixed Obligation Income Ratio method, if you have monthly EMIs of ₹3000, you will be eligible for an amount of ₹5.89 lakhs.

## What is EMI full form?

An equated monthly instalment (EMI) is a set monthly payment provided by a borrower to a creditor on a set day, each month. EMIs apply to both interest and principal each month, and the loan is paid off in full over some years.

## How do I calculate 8% interest on a loan?

Simple Interest Formula
1. (P x r x t) ÷ (100 x 12) ...
2. Example 1: If you invest Rs.50,000 in a fixed deposit account for a period of 1 year at an interest rate of 8%, then the simple interest earned will be: ...
3. Example 1: Say you borrowed Rs.5 lakh as personal loan from a lender on simple interest.

## How do I calculate interest rate?

Simple Interest Formulas and Calculations:
1. Calculate Interest, solve for I. I = Prt.
2. Calculate Principal Amount, solve for P. P = I / rt.
3. Calculate rate of interest in decimal, solve for r. r = I / Pt.
4. Calculate rate of interest in percent. R = r * 100.
5. Calculate time, solve for t. t = I / Pr.

## How can I check my SBI personal loan eligibility?

Login to SBI website. Go to SBI personal loan. Now, check the eligibility criteria using the Personal Loan Eligibility Calculator. For this fill the required details such as Name, loan requirements, salary, age, etc.

## What are the 4 types of loans?

Types of secured loans
• Home loan. Home loans are a secured mode of finance that give you the funds to buy or build the home of your choice. ...
• Loan against property (LAP) ...
• Loans against insurance policies. ...
• Gold loans. ...
• Loans against mutual funds and shares. ...
• Loans against fixed deposits.